Businesses unite for Bristol Green Investment Bank Bid

Business leaders from across the South West today (Jan 20) attended an event in support of the bid to locate the Green Investment Bank in Bristol - a week ahead of the submission deadline.

The Green Investment Bank (GIB) will have an initial £3bn of Government money to invest in green infrastructure projects and hopes to make major inroads into leading the transition to a low carbon economy.

Bristol is one of the locations from across the UK hoping to secure its HQ - others include London, Edinburgh, Liverpool, Leeds, Cardiff, Peterborough and Manchester.

The deadline for all the locations to submit their bids is January 30 and Business Secretary Vince Cable is expected to make an announcement on where the bank will be based in February.

As with all the campaigns, Bristol’s bid addresses the three main criteria set out by Vince Cable, Secretary of State for Business, Industry and Skills (BIS), in the report http://www.bis.gov.uk/giblocation, which covers:

1.       The ability to recruit and retain staff with the necessary specialist expertise and experience over the long term
2.       The quality of the transaction ‘ecosystem’ in the locality
3.       Cost effectiveness considerations

The Bristol bid considers the city a leading contender due to the fact that:

- It is a hub for financial, professional and environmental services companies who can meet the Bank’s requirements for high quality legal, technical and transaction advice
- Excellent higher education pedigree to provide a sustainable source of talent for years to come
- Established clusters of green industry expertise within the city
- The newly announced Enterprise Zone near Temple Meads will be offered as a potential location for the bank, providing estimated business rate savings of more than a quarter of a million pounds over the first five years

Today’s event, which was attended by more than 70 business leaders, was held at internationally respected law firm Burges Salmon. It was hosted by the Bristol bid team, including representatives from the West of England Local Enterprise Partnership, Bristol City Council, Business West, Stephen Williams MP Lib Dem Bristol West and the region’s leading businesses.

Whilst the bank itself is expected to generate around 70 jobs, there are wider economic benefits for the HQ location as it will:

- Provide a boost to the financial, professional, environmental services sector
- Stimulate inward investment
- Present green infrastructure projects in the SW with a potential source of investment

Stephen Williams said: “Once again, the business community in Bristol is proving to be amongst the most proactive and dedicated in the country. This bid has been put together and financed through true collaboration amongst a variety of key organisations  across the private, public and higher education sectors city - from professional and property services companies to city’s  universities.

“In fact, it’s when you put a bid of this kind together that you realise exactly the calibre of the businesses we have in this region - and if the bank were based here it would be in excellent company.”

Chair of the West of England LEP, Colin Skellett, said: “To see the business community stand united behind this bid is a great accolade to the South West’s commitment to a sustainable, greener and diversified economy.

“The wealth of talent we have in this region is something we have every right to be proud of and also promote to a national audience.”

Barbara Janke, Leader of Bristol City Council, said: “The criteria set out by the Department for Business asks for everything Bristol has to offer. We are at the heart of a region where there is real growth in the renewables and environmental technology sectors. Location of the bank in Bristol sends a message of confidence to the growing numbers of investors in this sector in the South West region.

“We are looking to the Enterprise Zone for the location of the bank, with Temple Meads railway terminal so close this would make the bank both central to key financial, legal and environmental organisations in Bristol but also extremely accessible to London and across the UK.”

GL Garrad Hassan, the main international base for the world’s largest renewable energy consultancy which has provided technical advice for 20% of the world's project financed wind farms is based in Bristol.

“President of the firm Andrew Garrad said: “We have been based in the city for nearly 20 years and we know that it is a perfect location for renewable energy projects.

“As well as having all of the professional services we require, there is also a rapidly expanding low carbon sector that is continuously attracting green technology and infrastructure expertise.”

The business leaders also pledged their support to the campaign by signing up online: www.gibbristol.co.uk